Nintendo revealed today that former company president Hiroshi Yamauchi (77) will step down from his position on the company's board of director in June. According to the company, Yamauchi made the decision himself due to his age, physical strength and the fact that he'd already spent three years on the board.

Yamauchi first became president of Nintendo in 1949 following his father's death. He served the post during the company's transition from play card maker to toy maker and into the game industry giant that it is now, only handing the role to current president Satoru Iwata three years ago. Since that time, Yamauchi has still had a strong influence on company policy, even making moves last year to put Nintendo in the business of animated movies.

Citing the desire to see the money invested back in the company, Yamauchi declined his retirement compensation package from the company, a package that some estimate at being between ten and fifteen million dollars.